Tag Archives: 1099-c

1099-C rule change is good news for debtors

Fred Williams

This tax season, there’s good news for people struggling with debt. Under a new IRS rule, people will no longer be squeezed for taxes just because an old debt has gone unpaid. Before coming to that, however, some bad news:…
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Phantom ‘income’ from forgiven debt leads to real tax bill

Fred Williams

A forgiven loan can put hundreds or thousands of dollars on your tax return — even if the money never went into your pocket.
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